Nifty Analysis
1) Whenever we start our analysis we should start with high time frame how the market is structured so, if we see on nifty monthly timeframe we can see it is slightly double top also supply zone has created
Next lets see on daily time frame how market has structured. here we can clearly see
it is trading between the channel as per technical term we can say it is raising channel
here is the rule for raising channel
Now we have seen how market is structured on Higher time frames
Let see how market is structured on lower time frame. and what is the current trend
In hourly we can see it has taken support on the following level which is around 22300 to 22420
so This will also act as a stoploss level as long as market is not breaking that level expecting to reach 22570
and 22670 and 22770
we can also see there is bullish shark pattern on hourly time frame here is the rule for bullish shark pattern
If it breaks below the demand zone expecting the demand zone will act as a resistance and
the next targets would be on the sell side is around 22160(which has gap) 22000 and 21900 which on the trend line
In Summary
1) On Monthly time frame nifty has formed the double top
2) On Daily time frame it is trading on the trend line and between channel
4) on Hourly time frame it is taken support around 22300 to 22400 also formed the Bullish shark pattern
as per all above analysis the expected target on the buy side is around 22570, 22670,22770
If it brakes below demand zone the next target would be around 22160, 21960
Based on these analysis you can see how market structured on different time frame and how we can apply different technical analysis methods while analysing.
Next lets see on daily time frame how market has structured. here we can clearly see
it is trading between the channel as per technical term we can say it is raising channel
here is the rule for raising channel
Now we have seen how market is structured on Higher time frames
Let see how market is structured on lower time frame. and what is the current trend
In hourly we can see it has taken support on the following level which is around 22300 to 22420
so This will also act as a stoploss level as long as market is not breaking that level expecting to reach 22570
and 22670 and 22770
we can also see there is bullish shark pattern on hourly time frame here is the rule for bullish shark pattern
If it breaks below the demand zone expecting the demand zone will act as a resistance and
the next targets would be on the sell side is around 22160(which has gap) 22000 and 21900 which on the trend line
In Summary
1) On Monthly time frame nifty has formed the double top
2) On Daily time frame it is trading on the trend line and between channel
4) on Hourly time frame it is taken support around 22300 to 22400 also formed the Bullish shark pattern
as per all above analysis the expected target on the buy side is around 22570, 22670,22770
If it brakes below demand zone the next target would be around 22160, 21960
Based on these analysis you can see how market structured on different time frame and how we can apply different technical analysis methods while analysing.
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